Broker retains Buy on Indian Hotels, raises target to ₹925 on record 250 signings

IHCL posted 16% revenue and 15% EBITDA growth in FY26 with a record 250 signings, expanding its portfolio to 630 hotels and 33,100 operational keys. Broker cites strong pipeline, luxury acquisitions (Claridges, Brij, ANK), and ₹4,300 cr net cash supporting ₹1,040 cr FY26 capex and mid-teens growth outlook.

— Source publishedTue, 23 Jun, 2026, 16:59 IST·First seen Tue, 23 Jun, 2026, 17:00 IST·Source The Hindu BusinessLine

What happened

Indian Hotels Company (IHCL) · IHCL delivered 16% revenue and 15% EBITDA growth in FY26 with record 250 signings, 630-hotel portfolio, and luxury acquisitions.

Key facts

  • Target ₹925
  • CMP ₹725.05
  • 16% revenue growth FY26
  • 15% EBITDA growth
  • 250 signings
  • 630 hotels portfolio
  • 375 operating hotels
  • 33,100 operational keys
  • 31,300 keys pipeline
  • ₹1,040 cr FY26 capex
  • ₹4,300 cr net cash
  • ₹1,100-1,300 cr FY27 capex

Why this matters

Luxury bolt-ons (Claridges, Brij, ANK) plus ₹1,040 cr FY26 capex headroom suggest IHCL will keep acquiring scarce premium assets—competitors should expect inflated multiples on any trophy property in play.